Gazit-Globe buys Williamsburg retail condo for $47M Madison Marquette had put condo on the market for $50M last year

Jeff Mooallem and The Edge at 34 North 7th Street in Brooklyn

Israeli company Gazit-Globe has made another major purchase in the Brooklyn retail market.

The firm purchased the retail condo of the Edge in Williamsburg from Madison Marquette for $47.3 million, according to property records. Madison Marquette put the property on the market last year for $50 million.

The retail condo spans about 60,000 square feet, and tenants include CVS and上海贵族宝贝

Brooklyn Harvest Market. Madison Marquette bought the space with a silent par新爱上海同城对对碰论坛

tner for $45.5 million in 2014.

The Edge also has more than 1,450 residential units, but Gazit is only purchasing the retail portion of the complex.

Madison Marquette’s asking price was very close to its purchase price, which was seen as a sign of retail’s ongoing struggles. However, Gazit-Globe CEO Jeff Moo上海千花网交友

allem said the firm had been trying to break into Williamsburg and was confident that it was still a solid investment.

“It’s like a trade in baseball: you can’t say if it’s good or bad until you see how it all works out, b上海夜网论坛

ut we feel good about the asset,” he said. “We’re long term holders, and we’re happy to add to our New York portfolio.”

Madison Marquette did not immediately respond to a request for comment.

Gazit invested about $40 million in the Brooklyn shopping center Caesar’s Bay Bazaar earlie上海龙凤论坛sh1f

r this year.  Mooallem told The Real Deal in an interview last year that the company had about $2 billion of potential spending power, which it planned to use on retail in major American cities.

Tags: brooklyn retail, Commercial Real Estate
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